Emmis revs rise 62%, beats expectations

Cash flow up to $26.9 mil, but net income drops 87%

Radio and television broadcaster Emmis Communications said Thursday that first-quarter revenues rose 62% to $72.4 million, as cash flow (earnings before interest, taxes, depreciation and amortization) advanced 60% to $26.9 million.

Net income fell 87% to $241,000 in the quarter ended May 31, reflecting, in part, a three-fold increase in depreciation generated by the company’s purchase of six TV stations last year.

The results beat analysts’ expectations by a wide margin and sent Emmis stock up 12¢ a share to close at $46.62.

‘Remarkable result’

Jeff Smulyan, chairman and CEO of the Indianapolis-based media conglom, called the 7% gain posted by the TV properties “a remarkable result considering they are new to the Emmis family.”